The Blue Ocean Strategy by W. Chan Kim is one of the most powerful and inspiring business books I’ve ever read. It flips traditional business strategy on its head and expands into possibilities.
The Blue Ocean Strategy supported my mindset shift into prosperity.
In 2019, one of my personal initiatives is to guide at least 100 coaches out of the Red Ocean and into the prosperous Blue Ocean for their coaching practice. The Red Ocean is where “traditional” business is done. It’s competitive and your offering is seen as a commodity.
Alternatively, the Blue Ocean is expansive, full of opportunity and free of competitors. Your offering creates demand and is recognized for the value you provide.
Your coaching practice is in the RED OCEAN if….
- You’re stuck in the “time-for-dollars” trap
- You have little to no passive income streams
- You find clients the same way other coaches do
- You don’t have a strategic online offering
Now let’s look at the BLUE OCEAN:
- You’re leveraging your time to increase your income and impact
- You’re creating new ways to find and engage with clients
- You know your unique Secret Sauce
- Your offering and value is based on the transformation you provide, not the time you spend coaching
Where would you rather be? My guess is in the Blue Ocean.
So how do you move your coaching practice into the Blue Ocean?
First, by shifting your mindset about how you engage with clients and the value you offer.
By looking at the value you provide your clients vs. the time you spend with them, both you and your clients can transcend the realm of commodity. So, what is the transformation worth to your clients? How do their lives improve as a result of working with you?
Next, break free from the “time-for-dollars” trap. By shifting your mindset into revenue streams and passive income you’ll expand into possibilities and see greater opportunities.
Now, think about how do you engage with clients?
Are you still working with local clients on a 1:1 basis?
Are you working virtually with international clients?
Are you leveraging your offering so you can work with multiple clients at once?
Or provide transformations for clients while you’re on vacation?
Did that last one throw you off a little?
Yes, you can provide transformation for clients while you’re on vacation or working with other clients. You do this by creating an asset such as an online course.
An online course can be a compliment to your coaching practice – so it acts as a funnel into coaching sessions, or it can be a supplement to coaching – so it’s a standalone product that provides an additional revenue stream.
Do you want to move your coaching practice into the Blue Ocean?
The best place to exit the Red Ocean is to define your Secret Sauce and niche offering. This differentiates you from other coaches. Then you set your pricing based on the value you provide. Lastly, you create alternate delivery systems that leverage your time.
This process also supports your clients by providing them a clear understanding of the transformation they will receive when working with you, they will value what you offer and have skin-in-the-game to get it done, their time is respected and they have an opportunity to engage in ways that can enhance their lifestyle.
Get into the Blue Ocean – learn more about identifying your niche and leveraging your value offering with me as your guide on January 24, 2019. LEARN MORE
All the best,
Malia Monaco, MA, ACC